Thanks for the update I missed the news this morning.

Thanks for the update I missed the news this morning.

Sherry,

As an agent I am sometimnes out of touch with the constant changes in mortgage lending. How much harder is it right now versus one year ago to get a loan? Are higher FICO's required? What is the future of stated and no doc? Thanks for any advice.

Sherry and happy friday to you...... still waiting out west for rates but they look good

Keith and Joe- Thanks for your comments...We have already repriced for the worst at 11:40am...It was a small increase but still...UGGHHH

Kevin, No docs are GONE!  We still stated loans but the add-ons to rate are high.  With the stimulus package recently signed by congress, more and more people are now able to finance thru FHA.  If you have a particular deal you need assistance with give me cal 704.617.9686.  Thanks for your comments!

your blog provides very good information. thanks for posting mortgage update. It looks like nothing much going on for the rest of the day. Do you think it will be better by later today or on monday?

Sherry, Fed cut interest rate on tues morning or on monday?

Tuesday ... Thanks for catching my typo - I edited the blog to fix it...Typing faster than my brain can handle.

Tom- Hard to tell with rates right now...I personally feel like the banks are trying to earn back losses by keeping rates high.  The last time we had 3.39% yield I was locking in 5.25% 30 yr fixed loans conforming.  Not the case today? 

do you think it may reprice again later today since bond is sliding now? what's your opinion?

Tom - Not sure...I wish I knew.  I would bet and say NO...mainly because its Friday, and there's one more day before Fed meeting.  A rate reprice for the lower now would mean these rates are in effect for 2 1/2 days...to carry the weekend.  No real incentive for banks to reprice.  Also, the last price improvements I have seen have been very short lived...Ususally a hour before closing sometime even 5 minutes before end of day.  Doesn't mean I'm right...I will pray for you to have a reprice improvement!

Sherry,

Rumor has it that with the feds rate cut we could see 5.5 30yr fixed this week... any thoughts...

Any thing goes right now...My personal opinion is no...and here's why.  Banks have taken a beating over the last couple of months.  Over the last couple of weeks the improved rates have been very short lived, sometimes only lasting 1 hour.  Makes it really hard for us in the field to get a database locked in.  I think the banks are hesitant to lower the rates too much farther.  Many of them know they are going to see a surge in refis anyway with the GSEs and FHA limits up.  Monday will be very interesting...Get all your applications ready to lock...If we do see a dip I don't think it will last!

All the best to you Rick!